The university announces a $30m surplus for 2021

Last year it expected a $120m deficit for the year but climbed out of that hole due to;

* the university’s $71m share of the Commonwealth’s COVID emergency research funding

* $51m in “better than budgeted”  income “including from student retention” and research revenues

* $45.9m saved from unfilled positions

* $53m in operational savings

The overall net result of $234m  includes $50m from insurance, which will go to repair damage in the 2020 hailstorm. There is also $150m in investment income, at this stage a gain on paper.

Employee expenses were down $93m, due to an FTE staff reduction, from 4423 in 2020 to 4102 in 2021 and nearly $50m less in staff separation costs, (presumably most of the departures were in 2020).

The university predicts hiring staff and other expenditure will generate operating deficits this year and next, a break even in 2024 and a “small” surplus in 2025.